This is how analysts read the market pulse:Rupak De, Senior Technical Analyst at LKP Securities, said the index gave a consolidation break on the 15-minute chart, leading to a rally towards the end of the session.
De said sentiment has improved significantly over the past three sessions as the index regained the support at 25,500 after a brief decline and subsequently breached the resistance at 25,800, which is a double confirmation of strength. “In the near term, the 25,500 is likely to act as a crucial support level. As long as this holds, buyers are likely to dominate. On the higher side, the index can extend gains to 26,000 and above,” he added.
American markets
U.S. stocks were mixed Wednesday as investors try to balance the positives and potential downsides of the rush toward artificial intelligence technology. Nvidia climbed 1.7% after Meta Platforms announced a long-term partnership in which it will build data centers using millions of chips and other equipment from Nvidia to support its artificial intelligence ambitions.
“No one is deploying AI at the scale of Meta,” said Nvidia CEO Jensen Huang. Because its company is the most valuable on Wall Street, Nvidia stock was the strongest force pulling the S&P 500 higher.
That achievement demonstrated the benefits of AI development for the US stock market. But investors have been much more focused on the downside lately, which has led to sharp swings for Wall Street. On the one hand, concerns are mounting about how much companies like Meta are spending on AI investments and whether they can recoup it all through higher profits and productivity in the future.
Meta’s shares fell 1.5% and were the heaviest weight on the S&P 500.
Another major concern is that if AI succeeds in creating tools to perform complex tasks more cheaply, companies in industries as far-flung as software and trucking could see their businesses undermined. That has led investors to suddenly and aggressively punish shares of companies seen as threatened, and analysts have compared it to a “shoot first, ask questions later” mentality.
European markets
The major European indices were trading with strong gains at around 2.11pm GMT (7.56pm India time), with Britain’s FTSE 100, Spain’s IBEX and Stoxx 600 up 1.3%.
Meanwhile, the French CAC 40 and German DAX rose 0.4% and 0.6% respectively around this time.
Technical view
Ajit Mishra, Senior Vice President – Research at Religare Broking said sentiment remained subdued on weak global technology cues and broader risk-taking in overseas markets, while expectations around macro data and corporate earnings continued to impact positioning. In the absence of new domestic triggers, trading activity remained selective and stock-specific throughout the session, he opined.
“Market participants are trying to regain control, but there are still indications pointing to an extended consolidation phase. The 26,000 level remains a key hurdle for the Nifty, while the 25,400-25,600 zone is likely to provide support on any dip. In this environment, a stock-specific approach is advisable, focusing on sectors and themes showing consistent trends, along with disciplined position sizing given the possibility of renewed volatility,” it added. Mishra to it.
Most active stocks in terms of turnover
Netweb Technologies (Rs 253 crore), Godfrey Phillips (Rs 212 crore), Hindustan Copper (Rs 176 crore), Newgen Software Technologies (Rs 174 crore), Infosys (Rs 149 crore), ICICI Bank (Rs 107 crore) and ITC (Rs 100 crore) were among the most active stocks by value on BSE. Higher activity in a counter in terms of value can help identify the counters with the highest trading turnover per day.
Most active stocks by volume
Vodafone Idea (shares traded: Rs 2.74 crore), EaseMyTrip Bank (shares traded: Rs 3.13 crore), SpiceJet (shares traded: Rs 1.44 crore), Ola Electric (shares traded: Rs 1.19 crore), Cube Highways Trust (shares traded: Rs 1.05 crore), GMR Airports (shares traded: Rs 70.83 lakh) and YES Bank (shares traded: Rs 1.05 crore). 57.62 lakh) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
E2E Networks, Netweb Technologies, Godfrey Phillips India, EaseMyTrip, Universus Photo Imagings, Gokul Refoils and Solvent and Akash Infra Projects were among the stocks that witnessed strong buying interest from market participants.
52 Week High
Today, 112 stocks hit their 52-week highs, while 100 stocks fell to their 52-week lows. Aditya Birla Sun Life AMC, Acutaas Chemicals, Aeroflex Industries, Bajaj Auto, Force Motors, Hitachi Energy India and Union Bank were among those that hit 52-week highs.
Stocks see selling pressure
Among the large cap names were Eternal, Tech Mahindra and Infosys. Other stocks that witnessed significant selling pressure were GE Power India, Bharat Seats, Shiv Aum Steels, VL E-Governance & IT Solutions, RACL Geartech, Brainbees Solutions and Hybrid Financial Services.
Sentiment meter favors bulls
The action in heavyweights like RIL, ITC and Axis Bank helped the markets the most as breadth remained positive in broader markets. Of the 4,383 stocks traded on the BSE on Wednesday, February 18, 2,187 stocks witnessed gains, 2,018 declined while 178 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)
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